After a soft 1H, Bumi is set to impress with a strong 2H performance, thanks to two FPSO contracts awarded by Apache and ONGC. Four more FPSO contracts are likely to be secured in FY12-13. A potential marginal field job in FY12 makes the outlook even more exciting.
Our target price rises as we apply a 40% premium to our 12.6x CY13 target market P/E (prev. 20% premium over 14.5x CY12 P/E) to reflect Bumi’s increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index. Maintain OUTPERFORM.
We advise investors to accumulate ahead of the release of 3Q results. Earnings visibility is good given the long-term nature of FPSO contracts. Bumi is backed by an order book of RM9.1bn, excluding RM3bn worth of extension options. A potential marginal field contract adds to the attraction.
Our target price rises as we apply a 40% premium to our 12.6x CY13 target market P/E (prev. 20% premium over 14.5x CY12 P/E) to reflect Bumi’s increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index. Maintain OUTPERFORM.
We advise investors to accumulate ahead of the release of 3Q results. Earnings visibility is good given the long-term nature of FPSO contracts. Bumi is backed by an order book of RM9.1bn, excluding RM3bn worth of extension options. A potential marginal field contract adds to the attraction.
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